Raymond Lifestyle shares were listed at Rs 3,020 on the National Stock Exchange, while it got listed on BSE at Rs 3,000. The parent firm Raymond, spun off its Lifestyle and retail division. Raymond demerged the company through a Composite Scheme of Arrangement and listed shares of Raymond Lifestyle as per the said scheme.
However, the shares of Raymond Lifestyle fell 5% to hit the lower circuit of Rs 2,869.
“Post completion of all formalities for both the Scheme of Arrangement, there will be three listed entities in the Raymond Group i.e. Raymond Limited, Raymond Lifestyle Limited and Raymond Realty Limited,” said the parent firm in a regulatory filing.
Talking about its finances, the newly spin-off business reported a revenue of Rs 890 crore in FY22 from Rs 450 crore in FY21, despite a fall in the number of stores. Between FY21-FY24, Raymond Lifestyle clocked a strong sales growth of 35%, reaching its lifetime high sales of Rs 700 crore, led by its renewed strategy post-Covid and the focus on growing its power
Brands.
Furthermore, the company’s management guidance entailed 12-15% growth between FY24-FY28, said InCred Equities in a research report.